Russia 's biggest privately owned oil producer, OAO Lukoil Holdings (LKOH.RS), Thursday said fourth quarter net profit rose 27%, boosted by higher oil prices and refining margins.

Lukoil's net profit for the period under U.S. Generally Accepted Accounting Principles totaled $2.19 billion, compared with $1.73 billion in the same period a year earlier, according to calculations made by Dow Jones Newswires based on full-year figures.

That was below a forecast of $2.45 billion from a Dow Jones Newswires survey of seven analysts.

The growth in global oil prices helped drive revenue higher by 18% in the period to $28.68 billion from $24.28 billion a year earlier.

Earnings before interest, taxation, depreciation and amortization, or Ebitda, rose to $4.06 billion from $3.24 billion.

At the end of 2009, Lukoil presented a new strategy aimed at strengthening its financial position by focusing on high-yield projects and increasing cash flows.

Lukoil Chief Executive Vagit Alekperov will host a presentation later Thursday in New York , at which investors are likely to look for guidance on dividends and update on overseas projects.

Lukoil's shares underperformed the overall Russian equity market last year, but have gained close to 20% in the last three months, compared with a 14% gain for the Micex index.

At 1326 GMT, Lukoil's shares were trading 1.7% lower at 2008.3 rubles each ($70.5).
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